New bank account during application

mikeyscott

My wife and I have a number of accounts, personal, food, bills, savings etc.


What we are wanting to do is close the food & savings account with one bank provider and move it to the same provider that we bank with.


The bills account will be closed pending a few other things post mortgage.


Will this cause any issues, or is it a case of do NOTHING. Shame re the do nothing aspect as I'm wanting to sell my BMW 123d to change for a VW Golf R32

kingstreet

Standard advice is no applications for new credit between application and completion.

A search on your credit record may upset the mortgage lender's view of you during the application process, so you are advised to avoid doing so.

mikeyscott

kingstreet wrote: »

Standard advice is no applications for new credit between application and completion.

A search on your credit record may upset the mortgage lender's view of you during the application process, so you are advised to avoid doing so.

RE banks accounts, there isn't any overdrafts, so it's a case of moving from one product to another - HSBC to FD to be exact



Ok, shame I've got an application with the Post Office as that'll mean no selling / buying car till November at this rate...!


On a flip side, if they take that bloody long the savings account will be healthier..

kingstreet

If a credit check is carried out for a current account as it normally is, it would have the same impact as any other application for credit.

Establish if a credit check will be required, then plan accordingly.

mikeyscott

kingstreet wrote: »

If a credit check is carried out for a current account as it normally is, it would have the same impact as any other application for credit.

Establish if a credit check will be required, then plan accordingly.

Will have a chat with L&C re the application, application has been accepted, but it's a case of not a lot else has happened.

kingstreet

You need to ask your current account provider if it will do a credit check if you apply for a new account, not your mortgage broker.